Looking to boost return on savings accounts? Try online banks

Savers looking to bolster their meager returns from their bank accounts might want to look at
online banks.

A MoneyRates.com
report
finds that online savings accounts now pay an average of 0.539 percent while savings accounts with
traditional brick-and-mortar banks earn 0.176 percent.

Some online banks pay more with rates approaching 1 percent.

Certainly, the low interest rate environment is nothing new. The not-so-great economy gets some
of the blame along with Federal Reserve policies meant to spur the economy by keeping interest
rates low so that people will invest in homes and businesses.

MoneyRates.com says until there is a sustained economic improvement, things won't get much
better. The website says savers should shop around for the best rates.